首次覆盖，给予增持评级。公司是国内领先的测量仪器制造商。随着公司加大自主品牌建设及积极布局新能源产品，未来盈利有望持续增长。预测公司2024-2026 年EPS 分别为1.11/1.39/1.74 元，参考可比公司估值，给予公司4.81 倍PB，对应目标价为37.93 元，给予增持评级。Introduction to this report:
Huasheng Chang is a leading company in the measuring instrument industry, with more than 30 years of technology accumulation. International giants in the instrumentation industry dominate high-end products, and the company benefits from domestic replacement. As demand for NEV charging piles and energy storage continues to grow, the company actively lays out charging piles and energy storage products.
Key points of investment:
Covered for the first time, an increase in holdings rating is given. The company is a leading domestic manufacturer of measuring instruments. As the company increases its own brand building and actively lays out new energy products, profits are expected to continue to grow in the future. The company's 2024-2026 EPS is predicted to be 1.11/1.39/1.74 yuan, respectively. Referring to comparable company valuations, the company is given 4.81 times PB, and the corresponding target price is 37.93 yuan, giving an increase in holdings rating.
The company is a leading domestic manufacturer of measuring instruments, and will develop collaboratively at home and abroad in the future. The company's main products include infrared thermometers, digital multimeters, etc., which are widely used in the fields of electricity, environmental monitoring, etc., and gradually expand the global market share through the combination of its own brand and ODM business. Benefiting from new domestic infrastructure and market opportunities driven by new demand, the company actively optimizes the layout of the domestic market. The company will use the country's safe, autonomous and controllable policy support for key industries to achieve domestic revenue growth. At the same time, the company is increasing the development of the new energy business, and we expect domestic revenue to grow rapidly.
The company's basic market is instrumentation, and actively develops new energy products. Continued growth in NEV ownership has led to an increase in demand for charging piles. The global energy storage demand space is broad, and the Chinese market is dominated by large storage, supplemented by industry and commerce. Industry and commerce will become the second growth engine for the Chinese energy storage market.
Relying on the accumulation of power electronics technology and sensor advantages, the company has differentiated into the charging pile and energy storage industry, and is expected to achieve rapid growth in the future. In the instrument market, overseas companies continue to strengthen their major ODM customer strategies and independent brand expansion. Domestic companies have accurately grasped the industry measurement needs for various application scenarios such as power grid maintenance, new energy power plants, new energy vehicles, operating condition testing, food safety, etc., proposed industry-leading test and measurement solutions, and will benefit from the autonomy and control of instruments.
Catalysts: New energy products began to be gradually released; domestic and foreign instrument market segments exploded.
Risk warning: increased market competition; risk of industry policy changes; risk of international market expansion.
